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Key Highlights
- ETH price found a strong support near $386 and recovered nicely against the US Dollar.
- There is a short-term ascending channel forming with support at $412 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to move higher and it could even test the $433 high in the near term.
Ethereum price is trading nicely against the US Dollar and Bitcoin. ETH/USD is now well above $400 and is eyeing more gains towards the $430 level.
Ethereum Price Support
There was a major downside reaction yesterday below the $400 level in ETH price against the US Dollar. The price traded towards the $385 level and formed a low near $386. There was a solid buying interest noted around the $385-386 levels, resulting in an upside move. Buyers pushed the price higher and there was a break above the $400 resistance.
There was also a break above the 50% Fib retracement level of the last drop from the $433 high to $385 swing low. At the moment, the price is trading well above the $400 level and the 100 hourly simple moving average. More importantly, there is a short-term ascending channel forming with support at $412 on the hourly chart of ETH/USD. As long as the pair is following the channel and support at $410, there could be more gains towards $425 and $430.
On the other hand, if there is a downside break below $410, the price may retest the $400 support zone. The most important support now is around the $396 level and the 100 hourly SMA. The overall price structure is positive as long as the price is above $396. On the upside, a break above $430 is required for a bullish acceleration.
Hourly MACD – The MACD is placed in the bullish zone.
Hourly RSI – The RSI is now well above the 50 level with positive signs.
Major Support Level – $400
Major Resistance Level – $430
Charts courtesy – Trading View
